The federal government has extended the application deadline for the Canada Emergency Business Account (CEBA) from August 31, 2020 until October 31, 2020.
The government is working to make the CEBA program more flexible and available to those with qualifying payroll or non-deferrable expenses that have so far been unable to apply due to not operating from a business banking account. Further details on these changes will be released in the coming days, including a new business account opening process through which qualifying businesses will be able to apply.
The government also announced earlier this week an extension to the Business Credit Availability Program (BCAP) until June 2021. Through BCAP, the government is supporting the flow of additional credit that businesses need to maintain operations and keep employees on the payroll. Export Development Canada (EDC) and the Business Development Bank of Canada (BDC) will continue to work with lenders to support access to capital for Canadian businesses of all sizes in all sectors and regions.
CEBA and BCAP are both part of the Government of Canada’s COVID-19 Economic Response Plan.